MIRA INFORM REPORT
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Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
SPS ISTEM S.R.L. |
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Registered Office : |
Via Della Meccanica, 3/B, 37139 - |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
31.10.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in Producing High-Quality and High-Efficiency Multicrystalline Photovoltaic Modules. Subject product ranges includes :- · Standard Modules · Black Ghost System · Integra System · TermSer Series · 12 V Series · Modules For Roofing Systems · Glass-Glass Modules |
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No of Employees : |
11 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Italy |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Italy ECONOMIC OVERVIEW
Italy has a diversified
industrial economy, which is divided into a developed industrial north,
dominated by private companies, and a less-developed, highly subsidized,
agricultural south, where unemployment is higher. The Italian economy is driven
in large part by the manufacture of high-quality consumer goods produced by
small and medium-sized enterprises, many of them family-owned. Italy also has a
sizable underground economy, which by some estimates accounts for as much as
17% of GDP. These activities are most common within the agriculture,
construction, and service sectors. Italy is the third-largest economy in the
euro-zone, but its exceptionally high public debt and structural impediments to
growth have rendered it vulnerable to scrutiny by financial markets. Public
debt has increased steadily since 2007, topping 133% of GDP in 2013, but
investor concerns about Italy and the broader euro-zone crisis eased in 2013,
bringing down Italy's borrowing costs on sovereign government debt from
euro-era. The government still faces pressure from investors and European
partners to sustain its efforts to address Italy's long-standing structural
impediments to growth, such as labor market inefficiencies and widespread tax
evasion. In 2013 economic growth and labor market conditions deteriorated, with
growth at -1.8% and unemployment rising to 12.4%, with youth unemployment
around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.
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Source : CIA |
Company name & address
Sps Istem S.r.l.
Via Della Meccanica, 3/B
37139 - Verona (VR) -IT-
Summary
|
Fiscal Code |
: |
03634300234 |
|
Legal Form |
: |
Limited liability company |
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start of Activities |
: |
23/03/2007 |
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Equity |
: |
Over 2.582.254 |
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Turnover Range |
: |
5.000.000/6.500.000 |
|
Number of Employees |
: |
11 |
Activity
Engaged in Producing High-Quality and High-Efficiency Multicrystalline Photovoltaic Modules.
Product description
· Standard Modules
· Black Ghost System
· Integra System
· TermSer Series
· 12 V Series
· Modules For Roofing Systems
·
Glass-Glass Modules
Legal Data
Legal Form : Limited liability company
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Fiscal Code : 03634300234 |
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Chamber of Commerce no. : 352471 of Verona
since 14/11/2006 |
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V.A.T. Code : 03634300234 |
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Establishment date |
: 31/10/2006 |
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Start of Activities |
: 23/03/2007 |
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Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 100.000 |
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Subscribed Capital |
: 100.000 |
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Paid up Capital |
: 100.000 |
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Members
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Martini |
Andrea |
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Born in Verona |
(VR) |
on 25/02/1965 |
- Fiscal Code : MRTNDR65B25L781B |
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Residence: |
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Dugazze |
, 51 |
- 25015 |
Desenzano del Garda |
(BS) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
|
Director |
31/10/2006 |
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Partner |
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No Prejudicial
events are reported |
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No Protests
registered |
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Lovato |
Nicola |
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Born in Negrar |
(VR) |
on 07/05/1965 |
- Fiscal Code : LVTNCL65E07F861O |
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Residence: |
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Don G. Agostini |
, 11 |
- 37011 |
Bardolino |
(VR) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Board Chairman |
31/10/2006 |
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Director |
31/10/2006 |
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No Prejudicial
events are reported |
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No Protests
registered |
Companies connected to members
*checkings have been performed on a national
scale.
In this module are listed the companies in
which members hold or have holded positions.
|
|
Lovato |
Nicola |
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Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
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Westforsun S.r.l. |
San Giovanni Lupatoto (VR) - IT - |
03960040230 |
Director |
Active |
Registered |
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Westforsun S.r.l. |
San Giovanni Lupatoto (VR) - IT - |
03960040230 |
Board Chairman |
Active |
Registered |
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2e Energy Service Company S.r.l. |
Oppeano (VR) - IT - |
04257410235 |
Director |
Active |
Registered |
|
2e Energy Service Company S.r.l. |
Oppeano (VR) - IT - |
04257410235 |
Assistant board
Chairman |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to Firms in
Liquidation, Active, Inactive, etc.
For more information, in this case, we
advise to request further investigations.
Capital Shareholders
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Martini Andrea |
Desenzano del Garda - IT - |
MRTNDR65B25L781B |
50.000 .Eur |
50,00 |
|
Lovato Nicola |
Bardolino - IT - |
LVTNCL65E07F861O |
50.000 .Eur |
50,00 |
Direct Participations
The Company under review has participations
in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
2e Energy Service Company S.r.l. |
Oppeano - IT - |
04257410235 |
5.000 .Eur |
10,00 |
|
|
Active |
|
Cobat, Consorzio Nazionale Raccolta E Ri
ciclo |
Roma - IT - |
03900281001 |
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Active |
Firm's location and structure
In order to carry out its activities the
firm uses the following locations:
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- |
Legal and
operative seat |
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Della Meccanica |
, 3/B |
- 37100 |
- Verona |
(VR) |
- IT - |
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Employees |
: 11 |
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Stocks for a value of 340.000 |
Eur |
Protests
Protests checking on the subject firm has
given a negative result.
Data Base Prejudicial Events Search
Search performed on a National Scale
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|
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Prejudicial
Events Search Result: NEGATIVE |
Search performed on a specialized data base.
Legal Procedures
None reported, standing to the latest
received edition of the Official Publications.
Financial and Economical Analysis
Subject is active since 2007
The analysis is based on the latest 3
balance sheets.
During the last years, it achieved profits
(r.o.e. 55,02% on 2013)
The operating result in 2013 was positive
(59,43%) and higler than the field average.
The operating result is positive and amounts
to Eur. 2.329.739 with an increase of more then 100% if the compared to the
previous financial year.
A gross operating margine for a value of
Eur. 2.523.445 was reached. growing by more then 100% if compared to the year
before.
Indebtedness is scanty since debts are lower
than liquidity.
It's shareholders funds amount to Eur.
3.076.319 , with an upward trend.
Total indebtedness totalled Eur. 164.173,
with a downward trend if compared to the preceding year (-72,2%).
Current liquid assets is positive.
2013 financial year closed with a cash flow
of Eur. 1.886.435
Labour cost amounts to Eur. 454.416, with a
8,88% incidence on production costs. and a 7,86% incidence on sales volumes.
The financial management is positive as
incomes are higher than the charges.
Financial Data
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Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
5.782.690 |
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Profit (Loss) for the period |
1.692.729 |
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Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
9.360.325 |
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Profit (Loss) for the period |
473.067 |
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Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
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Item Type |
Value |
|
Sales |
7.920.744 |
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Profit (Loss) for the period |
146.387 |
|
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Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
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Item Type |
Value |
|
Sales |
25.200.972 |
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Profit (Loss) for the period |
1.396.506 |
Balance Sheets
From our constant monitoring of the relevant
Public Administration offices, no more recent balance sheets result to have
been filed.
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- Balance Sheet
as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet as
at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet
as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
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RATIOS |
Value
Type |
as at 31/12/2013 |
as at 31/12/2012 |
as at 31/12/2011 |
Sector Average |
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COMPOSITION ON
INVESTMENT |
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Rigidity Ratio |
Units |
0,18 |
0,16 |
0,14 |
0,18 |
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Elasticity Ratio |
Units |
0,82 |
0,84 |
0,85 |
0,78 |
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Availability of stock |
Units |
0,09 |
0,27 |
0,18 |
0,23 |
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Total Liquidity Ratio |
Units |
0,74 |
0,57 |
0,68 |
0,50 |
|
Quick Ratio |
Units |
0,58 |
0,27 |
0,28 |
0,03 |
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COMPOSITION ON
SOURCE |
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|
|
|
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Net Short-term indebtedness |
Units |
n.c. |
n.c. |
n.c. |
2,78 |
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Self Financing Ratio |
Units |
0,78 |
0,35 |
0,45 |
0,22 |
|
Capital protection Ratio |
Units |
0,42 |
0,68 |
0,89 |
0,48 |
|
Liabilities consolidation quotient |
Units |
0,52 |
0,11 |
0,08 |
0,17 |
|
Financing |
Units |
0,05 |
0,33 |
0,25 |
3,30 |
|
Permanent Indebtedness Ratio |
Units |
0,81 |
0,37 |
0,46 |
0,40 |
|
M/L term Debts Ratio |
Units |
0,02 |
0,01 |
0,01 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
0,69 |
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CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
4,54 |
2,36 |
3,20 |
1,79 |
|
Current ratio |
Units |
19,61 |
7,22 |
7,52 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
17,56 |
4,92 |
5,95 |
0,80 |
|
Structure's primary quotient |
Units |
4,42 |
2,28 |
3,14 |
1,40 |
|
Treasury's primary quotient |
Units |
13,82 |
2,28 |
2,48 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
127,44 |
281,98 |
220,75 |
445,68 |
|
Current Capital ( net ) |
Value |
3.055.849 |
3.674.236 |
3.676.349 |
86.022 |
|
RETURN |
|
|
|
|
|
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Return on Sales |
% |
32,62 |
6,91 |
3,33 |
2,66 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
55,02 |
26,34 |
6,51 |
3,16 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
57,97 |
40,05 |
10,39 |
7,02 |
|
Return on Investment ( R.O.I. ) |
% |
59,43 |
14,29 |
5,05 |
2,87 |
|
Return/ Sales |
% |
40,29 |
7,73 |
3,16 |
3,95 |
|
Extra Management revenues/charges incid. |
% |
72,66 |
65,37 |
58,42 |
43,33 |
|
Cash Flow |
Value |
1.886.435 |
646.374 |
263.629 |
36.837 |
|
Operating Profit |
Value |
2.329.739 |
723.704 |
250.573 |
45.533 |
|
Gross Operating Margin |
Value |
2.523.445 |
1.197.629 |
625.093 |
76.896 |
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MANAGEMENT |
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|
|
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Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
118,46 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
135,44 |
|
Average stock waiting period |
Days |
20,98 |
52,26 |
40,15 |
65,94 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,48 |
1,85 |
1,60 |
0,94 |
|
Rate of stock return |
Units |
17,16 |
6,89 |
8,97 |
4,76 |
|
Labour cost incidence |
% |
7,86 |
4,43 |
3,82 |
17,89 |
|
Net financial revenues/ charges incidence |
% |
0,07 |
-0,05 |
-0,21 |
-1,68 |
|
Labour cost on purchasing expenses |
% |
8,88 |
4,55 |
3,95 |
15,64 |
|
Short-term financing charges |
% |
10,56 |
2,22 |
4,58 |
2,37 |
|
Capital on hand |
% |
67,80 |
54,11 |
62,65 |
106,28 |
|
Sales pro employee |
Value |
413.049 |
780.027 |
880.082 |
177.048 |
|
Labour cost pro employee |
Value |
32.458 |
34.547 |
33.657 |
33.022 |
Market / Territory Data
|
Population living in the province |
: |
|
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Population living in the region |
: |
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Number of families in the region |
: |
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Monthly family expenses average in the
region (in Eur..) :
|
- per food products |
: |
|
|
- per non food products |
: |
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|
- per energy consume |
: |
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Sector Data
The values are calculated on a base of 32
significant companies.
The companies cash their credits on an
average of 118 dd.
The average duration of suppliers debts is
about 135 dd.
The sector's profitability is on an average
of 2,66%.
The labour cost affects the turnover in the
measure of 17,89%.
Goods are held in stock in a range of 66 dd.
The difference between the sales volume and
the resources used to realize it is about 0,94.
The employees costs represent the 15,64% of
the production costs.
Statistical Detrimental Data
Statistically the trade activity shows periods
of crisis.
The area is statistically considered lowly
risky.
In the region 13.782 protested subjects are
found; in the province they count to 2.673.
The insolvency index for the region is 0,30,
, while for the province it is 0,31.
Total Bankrupt companies in the province :
2.982.
Total Bankrupt companies in the region :
16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.32 |
|
UK Pound |
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.